Gary Gensler, the current chairman of the US Securities and Exchange Commission (SEC), which regulates and enforces securities laws in the US, appeared in the latest House of Representatives Committee on Financial Services hearing. There were numerous complaints from the Republican Party side that Gensler had been too strict in refusing to bending existing security laws to digital currencies. However, Gensler remained steadfast and reiterated that existing financial regulations and existing laws created by Congress applied and always have.

Gensler's stance was met with many digital currency influencers moaning on social media, with GOP Rep. Warren Davidson even calling for Gensler's removal. It is a clear example of crypto currency players overreacting at being told the same laws that apply to regular citizens like you and me apply to them as well.

It is in such times of new technological advancements in the financial industry that regulators must find a balance between innovation and protecting customers from bad actors. Securitites laws are important for protecting public from fraudulent and inexperienced investments, and Gensler's insistence on their enforcement will surely help many prevent monetary loss.

In Japan, laws have been established to keep customers safe. Regulations like these illustrate why industry players aren't being honest when they plead for clarity - they want regulations that are unbearably favorable to them and let them use uninformed investors. To this day, Gensler has remained consistent on enforcing existing rules, and companies like Coinbase have had to pull out of Japan to adhere to the regulations set by them.

CEOs wanting to make as much money as they can in as short a time as possible is a tale as old as capitalism itself, but this age-old behavior doesn't excuse unlawful activity. Lobbying efforts and their income corrupt politicians and obfuscate reality, but sooner or later the crypto giants of this world shall pay for their transgressions.

For all their complaints, Gensler is in fact doing the job stressed by the SEC - to protect investors from misguided and, often times, dangerous investments. Nobody is completely clear as to how cryptocurrency will actually fit within the scheme of existing laws, and it shall definitely be debated in court, but for now it's everything on Gensler's (right) side.



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